fan. 1  Historical a device for winnowing grain. 2  any device or machine used to set up a current of air for ventilating or cooling; specif., any flat surface moved by hand. a folding device made of paper, cloth, etc. which when opened has the shape of a sector of a circle. 3  anything in the shape of a fan (noun), as the tail of a bird.
In addition, interest on home equity debt can also be deductible. Home equity debt essentially includes any other loan that is secured by your main home or second home. A lower borrowing limit of $100,000 for most taxpayers or half that for married taxpayers filing separately applies to home equity debt. What counts as mortgage interest? The portion of your monthly payment that goes to interest clearly counts as deductible mortgage interest for these purposes.
The most important limit for the student loan interest deduction is that the maximum amount of student loan interest you can deduct each year is $2,500 on your tax returns. The deduction is phased out if your adjusted gross income (AGI) exceeds certain levels.o get the deduction, it does no matter when the loan was taken out or whether interest payments made in earlier years on the loan were deductible or not. The deduction is phased out for taxpayers who are married filing jointly with AGI between $130,000 and $160,000. The limit is $65,000 and $80,000 for single filers.